NEW YORK Free-market
molybdenum prices have dropped as demand from the steel sector
wanes, according to producers and traders.
Ferromolybdenum moved down to a
range of $12.70 to $12.90 per pound Feb. 7 from $12.80 to $13
"We offered $13 per pound for
ferromolybdenum and were declined. We knew that was at the
higher end of the range," one producer source said. "Its
a lack of demand, mainly. Steel production isnt
sufficiently high, and the grades being made arent using
The price drop
has prompted a second producer to wait out the market until
prices improve, having also been refused at a quote of $13 per
pound for ferromolybdenum. "The market has been softening,
prices are lower," a source at the producer said. "And we
dont participate when the market is softening."
Ferromolybdenum prices trended
down through much of 2012, dropping from a high of $16.40 per
pound in April to a low of $12.35 in December.
Molybdic oxide prices dropped to
a range of $11.25 to $11.50 per pound Feb. 7 from $11.50 to